financial planning, financial planner, financial advice
financial organization, new york, manhattan, personal finance, young professionals, fee only, flat fee, CFP®, CERTIFIED FINANCIAL PLANNER™
investment advice, investing, asset allocation
exchange traded funds, portfolio management
micro-investing, foreign nationals, non-citizens
fiduciary standard, fiduciary, best interests, retirement planning, IRA, Roth IRA, 401(k), college savings, estate planning
DO YOU KNOW REALLY WHAT YOUR CURRENT 401K/403B OR IRA** IS COSTING YOU IN ALL-IN FEES EVERY YEAR? I MEAN REALLY, REALLY KNOW?
ARE YOU COMFORTABLE THAT YOU ARE INVESTED CORRECTLY WITHIN YOUR RETIREMENT PLAN OR IRA FOR YOUR PARTICULAR CIRCUMSTANCES AND WHAT SHOULD YOU DO WITH THAT OLD WORKPLACE PLAN FROM A PREVIOUS JOB?
OUR 401K/IRA X-RAY SERVICE WILL PROVIDE THE ANSWERS.
**Anglia Advisors 401K/IRA X-Ray is available for 401(k)s (Traditional or Roth), 403(b)s, TSAs, 457s, Thrift Savings Plans, Traditional/Rollover/SEP IRAs and Roth IRAs.
The combination of your workplace retirement plan and your IRAs may just be your biggest monetary asset. Accordingly, it ought to be the part of your overall portfolio that you have the most information about, and pay the most attention to, fees paid, plan costs and what ought to be your optimal allocation among all the available investment options (which, in the case of a workplace retirement plan, will be restricted) for your particular situation.
For instance, for you to truly know what the all-in total fees and features are of your workplace retirement plan, you would need to have read, studied and understood in full, at a minimum:
All your plan's disclosure documents
The plan's ERISA Form 5500 filing report
The plan's 404(a)(5) Fee Disclosure report
This is likely to run into a total of well above 100 pages of obfuscatory and confusing legalese and data written by securities attorneys.
An Investor Pulse survey in January 2018 found that, although 96% of American know exactly what fees they are paying for their streaming media services, only 27% of them say they claim to know what fees they are paying for their retirement plan at work.
The same survey shows that nearly three-quarters of Americans believe that they either do not even pay any fees for their 401(k), 403(b) etc., or have no idea if their plan has any fees or have no idea how to determine the fees.
When it comes to how to make the investment selections within their workplace retirement plans, the most common "strategies" among employees are to ask the co-worker sitting next to them what their allocation is and copy it, or to equally sprinkle investments among all the available options, or else to look up which funds did the best last year and simply pick those.
A 2014 TIAA-CREF survey found that Americans spend more time per year conducting research into buying a new flat screen TV or into local restaurants than into their retirement plans.
In short, the vast majority of workplace retirement plans and IRAs need attention and are just not getting enough. Not only attention into exactly how much of your retirement savings are being lost to fees and plan costs, but into exactly which funds you are invested in and what that investment selection means to you in terms of appropriate asset allocation and your potential ending balance.
Anglia Advisors 401K/IRA X-Ray uses powerful new technology to extract all the relevant data from all the relevant disclosures and statements of your plan to tell you precisely what your plan costs and features are and how much of your retirement savings is being lost to fees every year. You may well be surprised and, in some cases, shocked by the results.
Knowing for sure how expensive your plan is is only the start. With 401K/IRA X-Ray, a CERTIFIED FINANCIAL PLANNER™ will take you through our proprietary Risk Perception Evaluation after talking to you about your objectives and time horizons and will accordingly suggest an alternative investment selection for both existing assets within your plan and your future ongoing contributions that may not only reduce your costs but can also optimize your asset allocation from the available investment selection menu according to your individual circumstances and risk profile. The suggested alternative will be shown side-by-side with your current selection for comparison.
For those with "old" plans still held at previous employers, a 401K/IRA X-Ray will clearly define the best course of action to take. Two-thirds of Americans who leave jobs with 401(k)s in place choose to either leave it there (where no further contributions are made but fees continue to be paid from the balance), roll it into their new employer's 401(k) thereby simply substituting one suite of fees for another or (worst of all) cash it out, usually incurring very significant premature taxes and penalties. The remaining one-third roll their "old" 401(k)s into an IRA.
Without fully understanding the extent of the plan's fees and features and what an optimal alternative asset allocation would look like within the restricted universe of investment options of a different workplace plan or within the open architecture of a rollover IRA, what could be one of the most important financial decisions you will ever make in your life is being decided in a massive knowledge vacuum and it is no wonder that so many people make highly damaging financial mistakes at this time that can severely negatively impact their lifestyles for the last decades of their lives.
A 401K/IRA X-Ray alongside an asset allocation analysis prepared by a CERTIFIED FINANCIAL PLANNER™ will give you all the information you require to make the most informed and effective decision when it comes to what to do with that "old" 401(k).
401K/IRA X-Ray can go beyond workplace retirement plans and also assess how your IRAs (Roth, Traditional, Rollover, Inherited, SEP etc.) are allocated. What fees are you paying, both to your advisor or for the funds in which you are invested? Is your allocation appropriate for your situation and risk capacity? Combining the technology of the 401K/IRA X-Ray with the skill and experience of a CERTIFIED FINANCIAL PLANNER™ can generate an invaluable analysis and set of recommendations at an extremely low cost.
For clients on our Full Financial Plan or Retainer models, the 401K/IRA X-Ray report is available at no additional cost. For anyone else, whether they are a client of Anglia Advisors under any another engagement type or even not an Anglia Advisors client in any way at all, the 401K/IRA X-Ray service is available for a one-time payment per plan as shown below. Active WeWork members and employees can access the 401k/IRA X-Ray service at the discounted price shown below.
Who can benefit from 401K/IRA X-Ray?
- Anyone with an existing 401(k), 403(b), Tax-Sheltered Annuity, 457, Thrift Savings Plan, Roth IRA, Traditional IRA (including rollovers and inherited) or SEP IRA.
- Anyone who is concerned, or even just unclear, about precisely how much their existing retirement plan or IRA is costing them in fees.
- Anyone with "old" workplace plans at previous employers and who have not yet moved them and are looking for guidance on the decision as to what to do with them, taking into account costs and fees as well as an alternative investment selection strategy.
Note: You do not need to be an client of Anglia Advisors to have access to 401K X-Ray (see pricing below)
Tell me more about 401K/IRA X-Ray!
- A qualified and dedicated CERTIFIED FINANCIAL PLANNER™ professional will discuss your particular circumstances, objectives, time horizon and you will undergo our unique, proprietary Risk Perception Evaluation.
- You will be sent a link that allows you to privately and securely enter your login credentials for your plan's online web portal. These credentials are never seen or stored by Anglia Advisors, our technology provider or anyone else.
- The powerful technology will extract the appropriate data from all the relevant disclosures and statement and generate a report to Anglia Advisors showing the customized all-in cost to you of your plan or IRA given your current investment selections.
- A dedicated CERTIFIED FINANCIAL PLANNER™ will then analyze this data as well as the array of alternative investment strategies.
- For a workplace plan into which you are still able to contribute as an employee, these alternative strategies will be taken from the universe of all the available investment options within the same plan.
- For an "old" plan from a previous employer, the analysis of the alternatives will additionally take into account the option of a rollover IRA, where the universe of investment options is virtually unlimited.
- Your dedicated CERTIFIED FINANCIAL PLANNER™ will send you the report with a full cost and feature analysis of your plan side-by-side with a full set of specific strategy recommendations about how to optimize your allocation.
- Your dedicated CERTIFIED FINANCIAL PLANNER™ will conduct a short phone call or videoconference with screen-share when you can ask questions or seek clarification on the report.
- For an IRA, the analysis of the alternatives will use the universe of investment options available within IRAs, which is virtually unlimited.
As a Registered Investment Advisor, Anglia Advisors is NOT permitted to offer direct tax advice, legal advice or medical advice, either domestic or international, and no firm communications of any kind (written, media, electronic or verbal) should be construed as such.